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How CIAM Can Help You Improve Customer Experience and Security
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August 7, 2023 Blog

 

Customer identity has risen to become a potent pulse check for businesses. Here’s a statistic that rings true in today’s market: 88% of customers state that the experience a company provides is just as critical as its product. Modern consumers—who insist on convenience, security, and privacy—are taking companies to task, and those that ignore these demands risk trailing behind their competitors. Customer identity has now evolved from being a mere concept; it’s now a necessity, central to business success. It’s a world where ‘Customer is King’ has morphed into ‘Customer Identity is Kingmaker’. So, with this seismic shift in the business landscape, isn’t it time we renewed our focus on Customer Identity?

In this context, Customer Identity and Access Management (CIAM) is coming to the fore. A beacon illuminating the path to success in the vast sea of digital businesses. Let’s explore why it’s making waves:

  1. Optimised Customer Experiences Catalyse Growth: By 2024, more than 90% of B2C organisations will compete based on customer experience, according to Gartner. By integrating CRM and analytics tools, and managing omnichannel identity flows, CIAM ensures a seamless, personalised customer experience. The result? Improved acquisition, conversion, and retention rates that drive top-line revenue.
  2. Increased Developer Efficiency Shortens Time to Market: The complex nature of building identity solutions can stifle innovation. CIAM simplifies this process, allowing developers to focus on driving the business forward. In fact, Okta’s survey of more than 350 application development teams found a correlation between the use of third-party components and faster release time.
  3. Reduced Compliance Costs Through Effective Customer Data Management: Navigating the complex landscape of data regulations can be a challenge. By centralising management and implementing user-friendly identity management features, CIAM reduces regulatory compliance costs and potential consequences of non-compliance.
  4. Unleashing Development Talent for Business Growth: Empowering developers by removing points of friction is directly correlated to revenue growth and customer satisfaction. Integrating a CIAM solution allows businesses to focus their talent on innovation and core business areas.
  5. Securing Identity to Avoid Regulatory Penalties and Reputational Damage: Security is paramount in a world where cyber attacks are increasingly focused on gaining access to accounts. CIAM solutions, being agile and secure by design, can stop or dissuade these attacks better than in-house identity solutions.

If the potential of CIAM has captured your interest, it’s time to turn to a solution that’s ahead of the curve: The Okta Customer Identity Cloud.

With a comprehensive suite of production-ready identity management solutions, along with a staggering 7,000+ pre-built integrations to applications and infrastructure providers, Okta paves the way for fast launch, secure user identities, and the scalability needed to sustain exponential growth.

Don’t let your business trail behind in the digital age. Prioritise customer identity and see the transformation yourself. Click here to find out how Okta can revolutionise your customer identity management strategy and help you stay ahead of the competition.

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